The two ranking members of the U.S. Senate Banking, Housing and Urban Affairs Committee announced Tuesday they have reached an agreement to wind down and eventually shutter Fannie Mae and Freddie Mac, part of a sweeping deal to overhaul the housing finance system.
The main advantage of a two-step acquisition is speed of execution, the benefits of which are obvious. In addition, two-step transactions do not suffer from the “dead vote” problem, which can pose a significant obstacle in obtaining stockholder approval of a merger, says Claudia Simon of Paul Hastings LLP.
A recent federal district court decision in a case involving the Gulf Coast Pipeline gives the U.S. Army Corps of Engineers another notch in its belt on how it implements its nationwide permitting program for utility line construction. But it also gives the corps fair warning that it must more clearly manage interdistrict coordination regarding cumulative effects analysis of a project, say attorneys with Vinson & Elkins LLP.
Sometimes U.S. litigators forget they are still U.S. lawyers, even when engaged in foreign litigation. The recent Chevron v. Donziger case, which held that the judgment against Chevron Corp. for environmental pollution was procured by fraud from a New York-based attorney, stands as a cautionary tale to lawyers: Justice is not served by inflicting injustice and the ends do not justify the means, says Oleg Rivkin of Carlton Fields Jorden Burt.
Since 2012, Craig Zucker, has been defending a case filed by the Consumer Product Safety Commission seeking to hold him personally responsible for the cost to recall toy magnet sets. Despite being the first — and only — individual the CPSC has ever pursued for a recall, the case commands attention because it shows the staff’s willingness to pursue officers when the circumstances warrant doing so, say attorneys at Arnold & Porter LLP.
A properly drafted intercreditor agreement among parties to a complex debt financing transaction, including “mezzanine” debt financiers, is necessary to ensure that their relative rights and obligations are enforced in a distress or bankruptcy situation. Setting forth lien priority in intercreditor agreements, for example, serves to mitigate against the risk of the senior creditor not being “first in time” in filing a lien, says Ata Dinlenc of Dentons.
Scenarios that could trigger an internal investigation include a subpoena from a government agency seeking records and indicating a criminal investigation is underway for violations of insider trading, tax laws or fraud. In such cases, it is important for the company’s investigation to stay a step or two ahead. Consider the need for retaining separate counsel for certain employees and determine how to deal with third parties and former employees, say attorneys with Sheppard Mullin Richter & Hampton LLP.
Due to seismic changes in the way individuals consume media today, we must strongly consider moving away from a judicial inquiry based primarily on reach percentage and instead rely on a "totality of the circumstances" test, which is a more holistic — and realistic — assessment of a class action media plan’s efficacy to truly provide "the best notice practicable," says Steven Weisbrot of Angeion Group.
Casino and hotel developers and operators will need more than a good poker face and a lucky roll of the dice to win one of the four new gaming licenses that are on the table in New York state. The very recent victories and setbacks of applicants in Massachusetts — which has been implementing casino legislation very similar to New York’s over the past two years — can serve as a roadmap for New York applicants, say attorneys with Goodwin Procter LLP.
Recent decisions by the Federal Circuit and the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board offer further incentive for generic litigants to seek an inter partes review as a complement — or even alternative — to district courts for challenging Orange Book patents, say attorneys with Sterne Kessler Goldstein & Fox PLLC.
While some recent U.S. initiatives are laudable ideas that may foster better commercial relationships with African countries, policymakers should focus on the key vehicle for enhancing trade and investment with the continent — the African Growth and Opportunity Act. Simple enhancements to the program would foster greater trade and investment between the U.S. and the fast-growing economies of Africa, says Beau Jackson of Adduci Mastriani & Schaumberg LLP.